Crypto analyst and trader Ali Martinez warns that an Ethereum (ETH) rival is suddenly sending a bearish signal.
Martinez tells According to its 37,500 followers on the social media platform
According to the trader, the Tom DeMark (TD) Sequential indicator, which aims to identify turning points in a market with a value of nine indicating a possible correction, is giving a bearish reading for DOT.
“Polkadot: The TD Sequential indicator marks a sell on the weekly chart for DOT just as it encounters key resistance at the 100-EMA (exponential moving average). This could lead to a spike in profit taking, potentially pushing the DOT down to $7.50.”
Polkadot is trading at $9.42 at the time of writing, up 7.47% in the last 24 hours.
Then the trader say that the decentralized virtual world The Sandbox (SAND) may have reached a market bottom, paving the way for future price increases.
“The Sandbox appears to be in the ‘depression phase’, a crucial point in the typical market psychological cycle. This could be a good time for investors to consider acquiring SAND as the market could be primed for a future rebound.”
The Sandbox is trading at $0.668 at the time of writing, up 16.49% in the last 24 hours.
Finally, the trader say peer-to-peer payment network Litecoin (LTC) is suddenly seeing a lot of interest from deep-pocketed investors.
“Litecoin whales have purchased approximately 42,000 LTC in the past week, worth approximately $3 million!”
Litecoin is trading at $72.25 at the time of writing, up 1.57% in the last 24 hours.
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Generated image: Midjourney